The Hour Glass posts 5% drop in Q3 net to $13.8m
Economic uncertainty in region weighs on luxury goods demand
LUXURY watch retailer The Hour Glass clocked in a 5 per cent drop in third-quarter net profit to $13.8 million, even as total revenue and other income jumped 13 per cent to $180 million, as a result of an expanded retail network and increased marketing activities.
Earnings per share for the third quarter ended Dec 31, 2013 dropped to 5.88 cents, down from 6.21 cents a year ago.
Regional economic uncertainty continued to weigh on consumer sentiment and luxury goods demand, putting pressure on margins, contributing to a 6 per cent drop in net profit to $32 million for the nine months ended Dec 31 from $33.9 million a year ago. But the company maintains that political unrest in Thailand has not negatively affected its joint-venture operations to date.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama